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Genaissance Posts Q3 Revenue Rise

SAN FRANCISCO, Oct. 24 – Genaissance Pharmaceuticals on Wednesday posted third-quarter revenues of $1.1 million compared to $67,000 for the same quarter a year ago, the company announced.

“We have made considerable progress in the year since we completed our IPO,” Gualberto Ruano said in a statement. “Our technology is the gold standard for identifying gene variation, and our clinical development efforts have resulted in the initiation of the largest prospective genomics clinical trials ever conducted to correlate our proprietary gene markers with drug response.”

Genaissance, based in New Haven, Conn., recorded a net loss of $11.8 million for the third quarter of 2001 compared to a loss of $9.8 million for the year-ago quarter. Operating expenses rose to $15.6 million for the third quarter of this year, $12.6 million of which was R&D, from $11 million, $7.8 in R&D, in the same period in 2000.

As of September 30, 2001, Genaissance had $69 million in cash, cash equivalents, and marketable securities.

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